There's no doubt many of us, especially older players, have up to thousands of Arena Tokens available.
As we speak I have over 3,000 on me.

My proposal is multiple uses for them besides entering the Arena tournaments.

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Use 1: A piety-like thing where you can exchange Arena Tokens for Stats, like you can in November.
Perhaps something like +5, +8 and +12 stats at random, or something like that.

Stats are important for this event after all.

Player recommendation by #23456: "Maybe 3-5 Tokens for every 1 stat, and limit it to 2-3 times a day."

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Use 2: A shop.
You can buy unique decors separate from the Champion Shop with Arena Tokens.
Maybe some applicators in here, maybe just exclusive decors or backgrounds with a high price since Tokens are not uncommon.

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Use 3: An exchange of some kind.

Trading X amount of Arena Tokens to or even Manticora Beetles.
I feel like Silver Beetles would make more sense, but.... up for debate.

1 Token = 5-20 somewhere?

Use 4: PENDING.